Springeraerospace

Springer Aerospace, comprising 1138969 Ontario Inc. and Springer Aerospace Holdings Limited, has been under CCAA protection in the Ontario Superior Court of Justice since November 23, 2022, and the proceedings remain active. Interim financing comes from Hillmount Capital Inc. under a DIP term sheet executed November 22, 2022, providing a facility of up to $1,500,000 in principal, with an initial advance of up to $600,000 sought and a DIP Lender's Charge over all Property that secures new post-order advances only and not pre-Order obligations. Caisse Desjardins Ontario Credit Union Inc. is the primary secured lender, holding three loan facilities including a May 16, 2019 revolving credit agreement for a line of credit to a maximum of $1,000,000. The Directors' Charge and other proposed charges are subordinate to the Desjardins security.